Bank of Queensland Limited (“BOQ”) is pleased to announce the successful completion of the retail component of the accelerated 1-for-9 pro-rata non-renounceable entitlement offer (“Entitlement Offer”) announced on 19 August 2009.

The retail component of the Entitlement Offer (“Retail Entitlement Offer”) closed on 14 September 2009 raising approximately $110 million. This follows the completion of the institutional placement and institutional component of the Entitlement Offer which raised approximately $230 million.

BOQ received entitlement applications for approximately $57 million under the Retail Entitlement Offer, representing 52% of the new BOQ shares (“New Shares”) offered under the Retail Entitlement Offer. When applications for additional New Shares in excess of entitlements are included, net of minor scale backs, the Retail Entitlement Offer is fully subscribed.

BOQ’s Managing Director and CEO David Liddy said: “We are very pleased with the strong support we have received from our retail shareholders for this equity raising, which will provide the Bank with a strong capital position and allow BOQ to take advantage of emerging growth opportunities.”

The New Shares under the Retail Entitlement Offer are expected to be allotted on Monday, 21 September 2009 and commence trading on the ASX on Tuesday, 22 September 2009. Transaction confirmation statements are expected to be despatched to Retail Entitlement Offer participants from Tuesday, 22 September 2009.

IMPORTANT NOTICE
This announcement does not constitute an offer of securities for sale in the United States, or to any person that is, or is acting for the account or benefit of, any "U.S. person" (as defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") ("U.S. Person")), or in any other jurisdiction outside of Australia and New Zealand where such an offer may be restricted by law. This announcement may not be distributed or released in the United States or to, or for the account or benefit of, any U.S. Person. The securities in the proposed offer have not been, and will not be, registered under the U.S. Securities Act, or under the securities laws of any state or other jurisdiction of the United States, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. Persons unless the securities are registered under the U.S. Securities Act or an exemption from the registration, or to any person to whom it would not be lawful outside of Australia and New Zealand.

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Bank of Queensland

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